Obama says stimulus bill saved U.S. economy

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  • 0

    adaydream

    I for one believe the stimulus package saved the country. Are we out of the woods? No! But we'd have gone so much deeper into a depression.

    There are republican congressmen embracing the successes in their state, but announcing so strongly that it hasn't done any good. < :-)

  • 0

    adaydream

    Just wanted to back up my earlier post. < :-)

    http://thinkprogress.org/touting-recovery-opposed/

  • 0

    some14some

    Very much doubtful, Obama admn will require aleast one more big stimulus bill that can really save U.S. economy.

  • 0

    AzabuSamurai

    Of course he says that. Would he say the opposite?

  • 0

    Odogma

    "Obama says stimulus bill saved U.S. economy"

    The most recent CBS/New York Times poll (11 Feb) reveals that six percent of Americans still believe him on this matter.

  • 0

    sabiwabi

    The worst has yet to come. The stimulus bill softened the blow but the end result will be much worst. Obama should have let the banks fail; a hard pill to swallow but ...

  • 0

    GJDailleult

    “It doesn’t yet feel like much of a recovery.”

    That would be because it isn't. Doesn't mean that stimulus is the wrong thing to do if it keeps things from crashing all at once, but it isn't a solution to anything. That's because it doesn't deal with the problem (giving trillions to banks doesn't either). The problem is the level of total debt (private plus government) in the USA, and it is the same problem all over the world too. If you grow your economy through continually increasing the level of debt, you will eventually crash your economy.

    Nothing political or ideological about it either, just basic economics which was conveniently ignored for over a quarter century.

  • 0

    SushiSake3

    This is the same stimulus that the GOP is criticizing vehemently while spending it like drunken sailors in their home states.

    It's also the same stimulus that only yesterday the GOP called a 'debt-funded blunder' while conveniently neglecting to mention this massive recession began under their watch, an 8-year period in which EVERY spending bill they passed was ....um....debt funded.

    If the GOP/conservatives want to be taken seriously in this debate, they need to up their game.

    All the GOP has been doing of late is block bills and say 'no' to every bill that gets put before Congress.

    Their actions are getting beyond simple political partisanship and oneupmanship - the GOP's actions are becoming downright dangerous.

    But, since when did the GOP - or conservatives for that matter - ever give a damn about ordinary Americans, or the country they claim - falsely - to love?

    The big difference here is that while the previous U.S. president skimped on practically everything that would have helped middle-class America (but he sure was kind to the rich ones) and ploughed billions into defense and paying American and foreign mercenaries - um 'military contractors' - to work in other countries, the current president's stimulus package has been spent IN America and FOR Americans. 

    But the GOP/conservatives are as quick to slam this as they are to shut the door on just about every other proposal put forward by this government that would help America.

    Yet again, it begs the question - just whose side are the GOP/conservatives on?

    Because they sure aren't on the side of ordinary Americans, no matter how much thy - falsely - claim to be.

  • 0

    Sarge

    Saved the U.S. economy? One thing for sure, it has put the U.S. into its biggest debt in history.

    "the GOP/conservatives"

    Many Republicans aren't true conservatives. John McCain, for example.

  • 0

    goodDonkey

    At least part of the Stimulus Bill saved us from a second depression. The conservatives will call the measures prosaic but I would call them more of a cure for the economic depression; kinda like you call it prosaic I call it prozac.

  • 0

    Odogma

    I think it is clear the vast majority of Americans now believe that Obama and his party own the so-called Stimulus Bill.

    Democrat Senator Even Bayh, in the press conference called to announce his retirement, delivered criticism of his party far more scathing than anything Karl Rove or Fox News could get away with:

    “[I]f I could create one job in the private sector by helping to grow a business, that would be one more than Congress has created in the last six months.”

  • 0

    Helter_Skelter

    The worst has yet to come. The stimulus bill softened the blow but the end result will be much worst. Obama should have let the banks fail; a hard pill to swallow but ...

    Wow. A post by sabiwabi that doesn't mention Israel. Unbelievable.

    This post will self-destruct in 5,4,3,2,1...

  • 0

    yabits

    One thing for sure, it has put the U.S. into its biggest debt in history.

    Wrong. U.S. debt was far greater during WWII. And the country came roaring back out of that.

  • 0

    30061015

    Obama says stimulus bill saved U.S. economy

    Obama says... is that like Simon says? Even if this were true, Only 2 million jobs for 787 billion? Wow, what a deal!!! Why not just hand the cash out to keep people in their homes?

    What are the interest payments on the federal debt for those "jobs" in the next decade? Will banks loan you money based on those "jobs" to buy a home? Please don't call them jobs... its just a high priced tax and spend work program; a cynical pandering attempt to be reelected as Commander in Thief in 3 more years.

  • 0

    SushiSake3

    It's all too clear that conservatives are simlpy too weak to admit that the out-of-control debt-funded spending that occured under the watch of the president they supported has drained the piggy bank dry.

    Not to mention the destruction caused by the previous president's misguided fund-the rich/big business policies.

  • 0

    SushiSake3

    30061015 - what was the alternative?

  • 0

    adaydream

    republican denier, "I'd like to take credit for getting these stimulus jobs for my constituents. And don't even think that Obama's stimulus package made this possible. This money is yours for these jobs, he just signed the bill". < :-)

  • 0

    TheQuestion

    Obama says stimulus bill saved U.S. economy

    I respectfully disagree. Instead I feel that the stimulus bill set a dangerous standard and has removed the burden of financial responsibility from major financial leaders. Merrill Lynch deserved to rot in a special circle of hell for all the garbage its pulled over the years and I think the financial world would be a cleaner place without moronic giants like AIG and Citigroup. There was no sympathy for scumbags like Ken Lay and his mutant spawn and there shouldn't have been any for the aid recipients.

  • 0

    sabiwabi

    Wow. A post by sabiwabi that doesn't mention Israel. Unbelievable.

    Sorry to disappoint to HelterSkelter. BTW, there are many more, but not on threads you visit.

    Anyway,...

    Obama is clearly a puppet of Wall Street, 1000%

    They place Obama there for a purpose.

  • 0

    kinniku

    There is the other shoe that was waiting to drop!

  • 0

    sailwind

    And Obama made sure to commend himself and his own team for taking action.

    Because it sure ain't anybody else that is commending his 'stimulus plan'.

  • 0

    SushiSake3

    I'm curious as to why no one who is slamming the stimulus is even beginning to talk about what would have happened had the stimulus NOT been enacted.

    Here's a hint: 88,000 American GM workers would have lost their jobs overnight.

    And that's just the tip of the iceberg.

    The jop market would have taken a far, far greater pounding had the stimulus bill not been passed.

    But hey, let's conveniently ignore this elephant-in-the-room fact and keep slamming Obama, shall we?

    Also, if you are a conservative, let's go one better than that and also conveniently ignore the fact that it was the stupid policies of the previous U.S. administration - the one that you voted for - that is largely to blame for this worst recession in 80 years.

    **Here's a short list of conservatives/independents and whoever else who are doing just that - **

    Sarge Sailwind HelterSkelter Odogma

  • 0

    john_smith

    OBAMA destructive policies are ruining our great nation, since he became president millions of people lost their jobs, our national debt tripled , the unemployment rate is doubled, the unofficial unemployment rate is around 20%, obama spent more money than FDR ON THE NEW DEAL,

    under predisent bush the average unemployment was around 5%, bush tax cut grew american economy, business and people were prospered, our stock market was rising, our economy was booming,

    the markets collapsed in 2008 because of liberal and democrats who force banks to give mortgage loan to people who could not afford it,

    it was ACORN AND their leader obama who were intimidating banks with the the help of democrats in congress to give people who have no money or jobs mortgage to buy homes, it was bill clinton and jimmy carter who created fannie mae fredic mac to give bad loans to all kind of scums. by the end of the year and beginning next year our economy will deteriorate more under obama because bush tax cut will expired and the mesaiah already said he will never renew it. taxes across the board will be skyrocketing, this will kill any business left in our country.

    the mesaiah keep saying he created or saved jobs, he is destroying jobs and he is destroying the private sector

    i hope the japan today forum don not delete my post,

    my experience with them , they are OBAMA FANS

  • 0

    Odogma

    I'm curious as to why no one who is slamming the stimulus is even beginning to talk about what would have happened had the stimulus NOT been enacted.

    94 percent of Americans believe it failed its purpose. See my post upthread.

  • 0

    SushiSake3

    John Smith - "under predisent bush the average unemployment was around 5%, bush tax cut grew american economy, business and people were prospered, our stock market was rising, our economy was booming."

    Nice try at a factwash.

    The U.S. economy undeer bush was bleeding money, job growth was very weak compared to the Clinton years and look what bush and co. left us - two unwinnable wars and the worst global depression in nearly a century.

    John Smith - "the markets collapsed in 2008 because of liberal and democrats who force banks to give mortgage loan to people who could not afford it."

    Rubbish. Cowboy lenders did the damage, selling funds and other financial products few had much idea about.

    But the loose regulations that caused the finacial industry to collapse were overseen by - oh yeah - the bush administration.

    John Smith - "taxes across the board will be skyrocketing, this will kill any business left in our country."

    You may be right. But this will have little if anything to do with Obama.

    The economy flew off the cliff under bush. Obama and co. are only trying to keep it afloat.

    Blaming Obama for this crisis is like blaming a firefighter for causing the fire he is trying to extinguish.

    Oh, and I'm waiting to be bashed for bashing bush by people who will - very conveniently - try to deny bush is largely to blame for this economic crisis.

    5, 4, 3, 2, 1......

  • 0

    AzabuSamurai

    OBAMA destructive policies are ruining our great nation

    Agreed to a point but least forget the destruction process happened before he even entered the noble world of politics. The nation is on a cruise control fall. It doesn't matter who is king, the country is in its end cycle of world dominance.

  • 0

    SushiSake3

    Funny how all the Obama bashers retreat when they are hit with the truth...

  • 0

    Sarge

    yabits: "U.S. debt was far greater during WWII"

    yabits needs a history lesson. In 1950 the public debt was around $257 billion. It's now over $12 trillion.

    Sushi, whaddya think of that?

  • 0

    SushiSake3

    Sarge, you haven't refuted a single point I have made all day.

    I take it you agree.

    Finally...

  • 0

    Gombei424Canada

    Well, my many friends,what we all know is that is that it's all too clear that conservatublicans are simply too weak to admit that the out-of-control debt-funded spending that occurred under the watch of the worst president EVER that they supported has destroyed America.Obama is blameless, and is still as fabulous as ever.

    Well, that's it. Once my brain registers 'Obama' I am pretty much incapable of rational thought for a few hours.

  • 0

    adaydream

    Odogma

    94 percent of Americans believe it failed its purpose. See my post upthread.

    I'd like to see the link on this. I haven't heard the sort of discontent about the stimulus package that you state. < :-)

  • 0

    adaydream

    I found these links, but nothing about only 6% happy with stimulus package.

    http://www.nytimes.com/2010/02/17/business/economy/17leonhardt.html

    http://www.cumberlink.com/articles/2010/02/18/news/local/doc4b7d3b69f10b5387575611.txt

    Of course the republicans are critical, but I don't find the 94% discontent Odogma mentions. < :-)

  • 0

    Sarge

    Sushi: "Sarge you haven't refuted a single point I've made all day"

    OK, how about this one:

    Sushi: "Look what bush & co. left us - two unwinnable wars"

    Lessee... does it look like the Baath Party or al Sadr or Al Qaida in Iraq is on the verge of taking over Iraq? Does it look like the Taliban is on the verge of taking over Afghanistan?

    Checking...

    No, it doesn't! Point refuted!
    Oh my gosh, looks like Sushi's done it yet again - I see the topic is Obama's claiming that the porkulus, er, stimulus package has saved the U.S. economy, and Sushi has got me refuting another of his off-topic and incorrect comments. Point to Sushi!

  • 0

    SushiSake3

    Sarge, the recession.

    You haven't refuted anything I have said about the causes of the recession.

    Thanks.

  • 0

    Sarge

    "the causes of the recession"

    Obama voted for everything causing the recession and now he's complaining that he inherited it. Classic!

  • 0

    adaydream

    Prove your post Sarge. That's a statement you can't prove. < :-)

  • 0

    SushiSake3

    Sarge, Obama didn't vote for the wars or the financial regulations that led to the recession.

    You need to do your homework before you embarrass yourself even more.

  • 0

    zurcronium

    the stock market was up last year about 60% after Obama took over from the bush idiots. The economy is rebounding now and the Fed is signaling that it will stop its low interest rate policies in March or so.

    Its amazing that the losers of the right even try to defend the economic ruin from the republican failure of leadership while bush junior was president. Massive debt, two failures in war, massive debt, economic collapse on the brink of depression. But the Palinistas do not think in terms of facts, they only parrot what their overloads tell them to say.

    If McCain were president now we would have a war going with Iran and maybe elsewhere and unemployment would be 20%. And if died in office Palin would get that number up to 40% is a year so before she would quit her job (adding to unemployment numbers by one).

  • 0

    pathat

    I'd say measures taken by the Bush administration in 2008 staved off a complete implosion of the U.S. economy.

    The jury is still out on the massive debt Obama has piled up through his stimulus packages.

    There's still another round of housing foreclosures to deal with this year. Most states have intractable debt problems that seemingly will still get worse. The lifeline of continually extending social welfare benefits has to be cut off at some point.

    Where these issues stand a year from now-after the Democrats very probably take a terrible beating in November's mid-term elections-will have a lot to say about whether Obama is a one or two-term president.

  • 0

    yabits

    yabits needs a history lesson. In 1950 the public debt was around $257 billion. It's now over $12 trillion.

    In 1945, the end of WWII, U.S. debt was over 125% of GDP. Today it is around 70% of GDP. It is very dumb to compare 1950 dollars with 2010 dollars, as well as not provide any ratio to the nation's earning capacity (GDP).

    How did WWII debt get paid off? Well, in 1929 the top marginal tax rate was 24%. (And with no government regulation, still the economy went into the toilet.) By 1944, the top marginal rate was 94%. That's ninety-four percent.

  • 0

    yabits

    Oh, and despite a 90+ percent top marginal tax rate, the country not only emerged from its debt, the economy boomed throughout the late 40s and well into the 50s.

  • 0

    pathat

    yabits is correct-there has been a lot lately in publications like The Wall Street Journal and Time about the debt-to-GDP ratio comparing the Great Depression years, WW II and its aftermath, and this decade heading forward.

    It's almost guaranteed with the projected deficits the next several years that the U.S. national debt will reach 90-100% of GDP, which will make a shaky economic future for the U.S. even worse. Japan's situation seems worse when you look at the approaching 200% debt-to-GDP ratio, but, to some extent, Japan can breathe a little easier because around 95% of its debt is funded domestically, while the U.S. has about half of its controlled by foreigners.

    One way or the other, the U.S. has a lot of work to get its debt back to manageable levels, as does Japan.

    And it's impossible to say right now, unless you're Obama or one of his supporters, that he has saved the U.S. economy.

  • 0

    yabits

    And it's impossible to say right now, unless you're Obama or one of his supporters, that he has saved the U.S. economy

    Nice post, pathat.

    I think that what Obama was trying to say was that the economy was on a precipice and that the stimulus bill pushed it back from the edge a bit.

    If enough people collectively get it into their heads to act as though we are doomed, it could become a self-fulfilling prophecy.

  • 0

    adaydream

    Even if a non-government report, by the most un-biased group, had reported that the economy had rebounded beyond belief. That most investments had regained what had been lost and we're hiring. The republicans would still make up their own facts to refute it. The party of "NO" and Tea Baggers wouldn't give credit where credit is due anyway.

    But that's alright. You can tell your own facts and opinions, but it doesn't make them correct. < :-)

  • 0

    GJDailleult

    The important numbers are $50 trillion and 350% of GDP. That is the total debt in the USA, not including the hundreds of trillions of derivatives held by the big banks. 787 Billion is a drop in the bucket compared to that, and that 50 trillion is the source of all problems. The government debt is an effect not a cause.

  • 0

    Odogma

    A direct quote from 'zurcronium' -

    " But the Palinistas do not think in terms of facts, they only parrot what their overloads tell them to say. "

    Take us to your overload!

  • 0

    Odogma

    Even if a non-government report, by the most un-biased group, had reported that the economy had rebounded beyond belief.

    That's a big * if * you are dreaming about. And the Congressional Budget Office, a non-partisan group, has a chart which shows Obama tripled the deficit in less than one year.

  • 0

    adaydream

    BS Odogma and you know it. It was $1.2 Trillion when bush left and $1.3 Trillion with Obama.

    Can't rewrite history. Most republicans want to though. < :-)

  • 0

    Odogma

    It was $1.2 Trillion when bush left and $1.3 Trillion with Obama. Can't rewrite history. Most republicans want to though. < :-)

    View the chart for yourself.

    Projected Deficit : http://www.washingtonpost.com/wp-dyn/content/graphic/2009/03/21/GR2009032100104.html

    It's a picture. You won't have strain much, though the loooong red bars may come as a shock for True Believers.

    It bears repeating that The Congressional Budget Office is non-partisan.

    The chart was picked up and published by the Washington Post, hardly a bastion of Republicanism from what I can tell.

  • 0

    adaydream

    Hmmmm, I can't find what I'm looking for. I'll look at your link again. Thanks Odogma. < :-)

  • 0

    Sarge

    "the economy is rebounding now"

    Even Obama himself said, "It doesn't yet feel much like a recovery."

    Obama and the Democrats are digging us a hole so deep, it's going to take years for us to climb out of it.

  • 0

    adaydream

    You don't seem to remember that Obama may be using a shovel, bush used a Backhoe. < :-)

  • 0

    RomeoRamenII

    Obama's "stimulus" has not failed. It is doing exactly what he planned on it doing: destroy our economy in order for his socialist ideals to be forced upon us with little to no fight from the masses because the masses will need the handout.

    Americans need to understand this.

  • 0

    ca1ic0cat

    Over the weekend NPR reported that only 1/3 of the stimulus money had been spent and that many of the jobs created were in the government. That doesn't bode well for how things are going as unemployment is 2% over where it was predicted to be if the stimulus were approved.

    There is also considerable discussion in the Economist that the recession could easily "double dip" as credit remains tight, consumer spending weak, and job losses stay well over the "replacement" rate. 2010 may be a very bad year.

  • 0

    WilliB

    what a ridiculous claim.

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